Cardano (ADA) Approaching a Critical Threshold: Buying Pressure Weakening

Cardano's (ADA) upward momentum has significantly weakened in recent days. The stagnation observed in the overall market puts pressure on ADA, while technical indicators show that bullish momentum is gradually declining.

Important technical analysis tools like the Elder-Ray Index and Chaikin Money Flow (CMF) indicate that buying pressure is decreasing and the risk of a potential decline is increasing. ADA is currently trading at $0.69 and is very close to the important support line at $0.66. If this support is broken, the price may decline to $0.50, which has been the lowest level seen since the beginning of the year.

Elder-Ray and CMF Indicators Are Giving Downward Signals

The Elder-Ray Index, which analyzes the strength of the bulls, has maintained a downward trend in the last few days. The decrease in the histogram bars of the indicator reveals that buyers are losing momentum and selling pressure is increasing. This is generally considered a precursor to downward movement in prices.

Similarly, the CMF indicator continues to remain in negative territory. This indicator, currently at -0.09, shows that the money entering the market is decreasing and outflows are gaining weight. This situation indicates that selling pressure has overtaken buying interest.

$0.66 Level Plays a Critical Role

The $0.66 level for Cardano price stands out as a critical threshold in the short term. If this support point cannot be sustained, investors should be prepared for a pullback extending to $0.51. On the other hand, if new buying interest arises, it may be possible for ADA to hold at this level.

With sufficient buying volume, if sustainability is provided above $0.66, there is potential for ADA to test the $0.76 level again. This scenario may be possible with bulls regaining control.


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